Perennial Investment Advisors LLC Buys 158 Shares of Ferrari (NYSE:RACE)

Perennial Investment Advisors LLC lifted its stake in Ferrari (NYSE:RACE) by 18.0% during the 2nd quarter, Holdings Channel reports. The firm owned 1,038 shares of the company’s stock after acquiring an additional 158 shares during the period. Perennial Investment Advisors LLC’s holdings in Ferrari were worth $424,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Contravisory Investment Management Inc. lifted its holdings in Ferrari by 4.6% during the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after acquiring an additional 23 shares in the last quarter. First Citizens Bank & Trust Co. raised its stake in shares of Ferrari by 3.3% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after purchasing an additional 25 shares during the period. Columbia Asset Management raised its stake in shares of Ferrari by 1.8% in the 2nd quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after purchasing an additional 25 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Ferrari by 12.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock valued at $101,000 after purchasing an additional 27 shares during the period. Finally, Sequoia Financial Advisors LLC raised its stake in shares of Ferrari by 0.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,277 shares of the company’s stock valued at $1,865,000 after purchasing an additional 30 shares during the period.

Ferrari Price Performance

NYSE:RACE opened at $462.86 on Wednesday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35. The stock’s 50-day simple moving average is $448.45 and its 200 day simple moving average is $429.05. The company has a market cap of $85.51 billion, a P/E ratio of 59.11, a P/E/G ratio of 4.98 and a beta of 1.00. Ferrari has a 52-week low of $285.02 and a 52-week high of $498.23.

Ferrari (NYSE:RACE) last released its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the business earned $1.99 earnings per share. Ferrari’s quarterly revenue was up 16.1% on a year-over-year basis. As a group, sell-side analysts forecast that Ferrari will post 8.71 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on RACE. Morgan Stanley lifted their price target on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. UBS Group lifted their price target on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $481.67.

Ferrari Company Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.